Estimating and Contingency for a Project Questions
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DETAILS: This assignment is focused on estimating costs for a project by first determining resource needs, estimating durations, and then estimating costs based on these first two considerations. If you think about the process we went through to get to this point, it required considerable effort. This assignment is an opportunity to further explore the topics of estimating and contingencies.
REQUIRED ACTIONS:
- Respond to all the questions/topics listed below in 500-700 words.
- For this assignment, you must respond to each question and draw upon experience, knowledge, and research.
- You must reference at least one resource other than required or optional readings/viewings. You are not allowed to cite your textbooks or learning modules as sources. Make sure you use BOTH in-text citation(s) and a reference list at the end of your submission.
- IMPORTANT: When citing resources, don’t forget to use in-text citations and a reference citation at the end using proper APA style.
QUESTIONS/TOPICS TO RESPOND TO FOR YOUR POST (Reply to all the question/topic INDIVIDUALLY to ALL questions):
- Describe at least three ways to make duration and cost estimates for a project. Give an example of each using your experience and/or create a scenario to illustrate. When would you use one over the other? How could you get “better” or more accurate estimates for cost and duration of work packages?
- Name and describe the different types of reserves in a project and who controls them. How could you determine the appropriate amount for a contingency in a project?
- What is a “Resource Requirements Matrix” and what is its purpose in a project? How are WBS work packages related to this type of matrix? What are some cost considerations to include when creating this type of matrix? How can you develop your budget using a “Resources Requirements Matrix?”
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